Ferrari to accept crypto payments in the US - Elon Musk and Web 3.0
Ferrari to accept crypto payments in the US

Ferrari to Accept Cryptocurrency Payments

Ferrari is now accepting cryptocurrency payments for its luxury sports cars in the U.S. due to strong customer demand. The Italian carmaker has also planned to accept crypto payments in Europe.

Enrico Galliera, Ferrari’s chief marketing and commercial officer, confirmed the news on Oct. 14. The decision to accept cryptocurrency payments was driven by market demand and dealer requests, with many, including crypto-savvy young investors, investing in digital currencies.

Galliera didn’t mention the number of cars Ferrari expects to sell via crypto payments, but he did state that the carmaker’s order portfolio is fully booked until 2025. Ferrari wants to test this new market to reach out to potential buyers beyond its usual clientele. The luxury automaker plans to introduce cryptocurrency payments in Europe by the first quarter of 2024 and expand to other crypto-friendly regions afterwards.

For its initial phase in the U.S., Ferrari has partnered with major cryptocurrency payment processor, BitPay. This collaboration enables transactions in Bitcoin (BTC), Ether (ETH) and USD Coin (USDC).

Cryptocurrency Adoption by Ferrari and Tesla

Ferrari recently announced that they are accepting cryptocurrency payments through BitPay, a payment processing company. This allows customers to pay with digital currency without any additional fees or surcharges, as BitPay will convert the cryptocurrency payments into regular fiat currency. BitPay will also make sure the digital currency does not come from illegal activities.

However, many large companies have been hesitant to adopt cryptocurrencies due to their price volatility and impracticality. One of these companies is Tesla, the electric car company, which began accepting Bitcoin payments in 2021. However, CEO Elon Musk suspended this payment method due to environmental concerns.

The adoption of cryptocurrency by Ferrari and Tesla shows that web 3.0 companies are beginning to recognize the potential of digital currency, and are taking steps to make sure their customers can benefit from it.

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